The eye of the Turkish cryptocurrency market was on the cryptocurrency regulation mentioned by President Recep Tayyip Erdoğan. It was a question of what the regulation would entail and whether crypto investors would come to the fore with bans like in China, or if it would frame the market and protect the investor. According to some rumors circulating on social media, there is a draft. Lawyer Sima Baktas shared some information by claiming that he saw the draft arrangement in his post on his Twitter account. For details Cryptocoin. com please read.
What is in the alleged cryptocurrency regulation?
According to the sharing of lawyer Sima Baktas, the definition of “Cryptocurrency Providers” is first made and it is stated that these institutions have to obtain permission from the CMB. In addition, which cryptocurrencies will be listed or delisted will be subject to the control of the CMB. Banks are also entering the crypto money market, and the way for banks to provide “crypto money custody services” is paved. However, in parallel with the Banking Law, the crime of “acting without permission” is regulated, and prison and fines are foreseen for this crime. Other articles of the regulation claimed by lawyer Sima Baktas include the following:
5. Foreign Exchanges must also obtain permission for their activities (this article may have been removed)
6. Personal responsibility of Cryptocurrency Service Provider Board and Founders (such as the regulation to which banks are subject)
7. Personal liability of the BoD based on fault in cyber attack damages+
8. Authority to set collateral and limit in Cryptocurrency transactions
9. Giving a share of the annual income in addition to the Commission income received.
10. Special investigation procedures for those responsible
11. There are general regulations such as the requirement to comply with the advertising regulation. How it will end up is an unknown.
Lawyer Sima Baktas, who also shares her views on the draft that is the subject of the allegation, says that some articles are problematic and that if they are enacted in this way, it may mean a violation of the Right to Property and Freedom of Contract regulated in the Constitution. However, since the existence of the draft in question has not been confirmed yet, it is too early to say anything about it.